A new report says the total (legal) North American cannabis industry could be worth US$47.three billion by 2024.
By the middle of this year, 11 US states and Washington DC had legalised recreational and medicinal cannabis, even though healthcare cannabis-only states numbered 33. North of its border, Canada has legalised each adult use (October 2018) and medicinal.
Even amongst the U.S. states however to legalise medicinal use per se, 14 let cannabidiol ( CBD) in unique situations for treating or managing specific circumstances.
The report from Prohibition Partners predicts each medicinal and recreational cannabis will be legal suitable across the area by 2024 and tends to make its assumptions on that premise.
Some other intriguing statistics and predictions from the report:
- Estimated quantity of cannabis customers, 2019: 60.five million (such as these utilizing illicitly)
- Estimated quantity of healthcare cannabis individuals, 2019: four.two million
- Estimated healthcare cannabis industry worth, 2024: USD $25.two billion
- Estimated recreational cannabis industry worth, 2024: USD $22.1 billion
- The North American industry will be dominated by the US this year, which will account for ~85% of total sales
- Medicinal will dominate this year, creating up about 60% of total estimated sales worth (~US$10.6b).
- Modify among 2019 and 2024 (total industry): +177%
In terms of pricing, the report notes the price of cannabis was steady in the USA and Canada final year, but there was very a distinction among nations. In 2018, cannabis price about US$11.40 a gram in the USA compared with US$eight per gram in Canada according to dispensary sales information.
Even though Prohibition Partners paints a rosy image commonly for the sector, it notes:
“Although the US is at present the most lucrative cannabis sector in the globe, the lack of legislative clarity at the federal level is disrupting the sector.”
The US might be the world’s biggest cannabis industry at this point in time, but it nevertheless hasn’t legalised medicinal/recreational use at the federal level (even though hemp was legalised with the 2018 Farm Bill).
The extensive 134-web page North American Cannabis Report, which outlines the industrial possibilities, regulatory framework and political atmosphere across the area, is free of charge to download (registration expected) and can be accessed right here.
Trivia – the initial US state to legalise healthcare cannabis was California back in 1996.